Soha Nashaat: 'Woman banker of the year' (page 1 of 2)

Having spent 25 years abroad between New York and Latin America, she never thought she would return to the Middle East and be named the "Woman Banker of the Year", a recognition women couldn't attain in the past times.

According to a Barclays wealth report, published in cooperation with The Economist Intelligence Unit recently, four per cent of women hold managerial positions in business in the OECD countries now compared to seven per cent of men.

Arab countries are now opening doors to women to allow them write their own success stories, and this played a role in Nashaat's decision to come back to the Middle East and act as the Managing Director for Barclays Middle East. And of course, she was rewarded for that in under two years, when the Middle East Excellence Award Institute named her the "Woman Banker of the Year 2007".

"It was a great honour, especially as I'd lived and worked outside [the region for a long time], because I wanted to be recognised, thinking that I couldn't get that in my home country. This recognition wasn't possible before, but to know that now I can actually live at home and be recognised for my accomplishments is just more than I expected," Nashaat said.

To Nashaat, it means there's a growing recognition of the role that women play across the different industries in the region. "I think it's very important because we need to celebrate success and to show role models. In the end it's not only the financial needs that motivate people to go out and work, it's also the pursuit of success."

What women need?

That culture is the primary obstacle women face all over the world is an understatement. It's a fact that women have faced for long time and are still facing.

And Latin America provided the perfect example of that. Nashaat worked for many years in Argentina as Meryll Lynch's Marketing and Sales Manager, and was the only female in a managerial position.

"I was the only female sales manager in the history of the place and men accepted that with great difficulty. I remember going to a client banker, when I've just moved in there in 1997, telling him about things he needs to change in his portfolio. In response to that, he just looked at me and asked me to go back to the kitchen where I belong! I couldn't believe what I heard, but with time this man has become one of my best friends in the world."

Overcoming cultural barriers can be a long process in communities that are more resistant, or more male-dominated. "You can be educated and smart, but just because you are a woman there's an automatic barrier and it is easier to put you down. But once you show what you're capable of, you'll be greatly celebrated."

To succeed in such situations, Nashaat believes that women need to put in hard sweat to prove themselves, plus be armed with a good sense of humour.

Emotional women versus pragmatic men

Despite the changes in attitudes, the banking industry continues to be a male-dominated sector to a certain extent. And the biggest challenge that women face seems to be the levels of flexibility they can attain and the ability to manage their time and decisions.

Nashaat has spent most of her life on a plane, and she's aware that this might not be possible for most women, especially if they are married. However, she gives significant importance to the fact that she started her career in the US, the country that led women's rights in business.

"It's not easy now, but it's much easier that it was 17 years ago.